Interest u/s. 234b

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Nikul Vasani (Querist)
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30 December 2014 A assessee is taking deduction u/s. 35(2AB) for in house R & D of RS. 15,00,000/-, and he file income tax return of A.Y. 2012-13 before due date.
The Balance sheet and P&L of R & D devision was submitted to Autho.(i.e. DSIR), but DSIR send approval certificate (i.e. Form 3CM & 3CL) to the assessee with approved expenditure of RS. 11,00,000/- for which eligible for 35(2AB).

So, please guide me that whether such assessee is liable to pay interest u/s 234B for income tax payable due to disallowance of Expenditure by DSIR?

Thanx...

Rupesh Jain

Rupesh Jain (Expert)
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30 December 2014 yes you have to pay the tax and intt on tax amount.

Nikul Vasani

Nikul Vasani (Querist)
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30 December 2014 Thanx Sir

But tell me for what period he liable pay Interest as mentioned above

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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01 August 2024 https://docs.google.com/document/d/1MsR2YWf3wObSShQnpHdB99u8edjeMyb5xnJYafCWr5s/edit?usp=sharing

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